📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Barclays Tax Beater Cash ISA - experiences so far (merged)

Options
1101113151677

Comments

  • sue.b_2
    sue.b_2 Posts: 105 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Following my earlier post I have been thinking, and fuming, about Barclays and the attitude of its staff so I decided not to try another branch but have just opened an egg ISA. The ability to use the internet for account management and the lack of hassle outweigh the small amount of extra interest.
  • thumshie
    thumshie Posts: 631 Forumite
    Barclays ISA is visable via internet banking..I also have current account though. Account shows up online, but so far 'current balance' is £0!!!!!!!!
  • ED
    ED Posts: 617 Forumite
    Barclays sent me (on request) an application pack, which has now been returned to Glasgow in their SAE. Fingers crossed.
  • Voyager2002
    Voyager2002 Posts: 16,306 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Has anyone succeeded in opening one of these yet?

    My partner and I visited our local Barclay's bank just four days after they were announced. She had all the ID documents required, gave full details to an 'advisor' who entered everything into a computer. Eventually we were given a completed form and were asked to post it to the ISA office! Apparently they would then telephone, and at that point the funds would be taken from her savings account. We made it clear that she wanted to use her 06/07 tax allowance and so wanted them to process it within the couple of weeks then remaining of the tax year.

    To date, they have not telephoned and of course the funds have not been taken. I presume that the tax allowance has therefore been lost.
  • Opened mine today, Im an existing account holder.

    I took about 5 minutes filling the online application in, 10 minutes walking to the branch, 5 minutes waiting, 5 minutes with the personal banker then 10 minutes walk back to the office.

    She ran through a few security checks, said everything was ok and then filled in her part of the form and thats it.

    So all in all, 35 minutes to get the ISA setup (hopefully!) is not bad going Id say!
    "Control your money, dont let your money control you" - Easier said than done! :D

    Virgin Credit Card = [strike]£2000[/strike] £1800
    Student Loan = [strike]£3800[/strike] £3600
  • loobs40 wrote: »
    I posted off an application on behalf of my partner as soon as the ISA was announced. He too has a current account with them.

    Not heard a thing so far, and because it is in my partner's name, no doubt I can't ring up and query it :(

    I posted my application (for the 07/08 tax year) to Barclays on Thurs 29 March and instructed that the opening deposit of £10 be taken from my Barclays current account. As of today, I have heard nothing from Barclays and the £10 is still sitting in my current account. I have put this down to (i) Barcs being overwhelmed with applications for the 06/07 tax year and (ii) to the long Easter weekend getting in the way. So I am prepared to wait a bit longer for some sign of action from Barcs. But this chat thread doesn't exactly fill me with confidence. Am I being naive and over-optimistic?
  • fablad75
    fablad75 Posts: 326 Forumite
    I see that I'm not the only one waiting for the ISA to be set up. I certainly hope that they'll be backdating the cheques to the date we gave them, otherwise we've all just lost 4 days of interest - and counting.
  • ED
    ED Posts: 617 Forumite
    suttonsaver - I too anticipate it being awhile before my ISA-opening cheque is cashed. As it's for the full £3,000 I decided to fund it via Lloyds TSB, as they pay over 4% interest till the funds are taken re the cheque. Was going to use Halifax but the idiots at Head Office arranged for a branch to open a basic bank account instead of the 6%+ High Interest Current Account (and without the promised £100 switching incentive). Wish I lived near a Norwich & Peterborough branch, because they have a cheque account offering 4.75% interest.
  • Compound_2
    Compound_2 Posts: 310 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Has anyone succeeded in opening one of these yet?
    £6000 now earning 6.5% tax-free. :D

    Voyager, if you're transfering the cash, it sounds like you're an existing customer so you didn't need to bother with ID or a branch visit. While cheque deposits can be dated 5 April in the ISA, to backdate a withdrawal/transfer on the account the money's coming from would be extraordinary, turning back the banking clock. Let's hope it's possible to deposit it as 5 April while withdrawing it on the true date.
  • well went to my appointment today and almost completed application only I forgot to take my cheque book (don't use it much these days). I wanted to open the accounts with £1 each untill its up and running and thought I could pay the £1 in cash - wrong, they will only accept cheques.

    He did say however that interest earned would start the day I gave them the cheque. Hope to top it up to the full 3000 when the account is up and running.
    It is unwise to pay too much but it's worse to pay too little. When you pay too much, all you lose is a little money... that is all. When you pay too little, you sometimes lose everything because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot...it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run and if you do that you will have enough to pay for something better (John Ruskin - 19 ctry author, art critic & social reformer)
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.2K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.2K Work, Benefits & Business
  • 599.3K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.